Criminals Target Refineries to Cash In on High Gold Prices

By Karen Dybis | April 06, 2026

Jewelers Security Alliance (JSA) and the FBI are alerting industrial gold refineries as well as jewelry stores and other retailers which hold scrap gold that they could be targeted by South American theft rings.

An April 2 liaison information report from the FBI’s Office of Private Sector said such theft groups are circling gold refineries in New York and New Jersey. The seven-page report was prepared by the FBI’s criminal division and Newark field office in coordination with JSA.

JSA frequently works with the FBI on these kinds of special reports, Scott Guginsky, JSA’s executive vice president, tells JCK. The trade group shared the report with its members on April 3.

Gold thefts have been increasing as the price of gold and other precious metals surged, the report said. Refineries and transporters have become primary targets for organized crime groups.

Gold hit an all-time high of $5,589.38 per ounce in late January, following a meteoric rise throughout 2025, but has been more volatile because of the Iran war and economic uncertainty. It was trading around $4,675 on Monday.

“[South American theft] crews operate across major U.S. metropolitan areas and frequently target jewelry stores in malls and shopping centers while disguising themselves as construction workers,” the report said. “They conduct detailed surveillance inside and outside targeted businesses during regular operating hours, often only days before a planned burglary, and typically burgle on holidays or weekend and late at night or early in the morning.”

The report referred to the criminal enterprises as “South American Theft Groups (SATG)” and claimed that their crimes have had a heavy impact on the U.S. economy and have contributed to the rise in consumer prices and the loss of tax revenues to states and communities.

SATGs are made up of foreign nationals, mostly from Chile and Venezuela, “who often have criminal records in multiple jurisdictions throughout the United States and other countries,” according to the report. “Crew members enter the United States with the sole purpose of committing financial property crimes and engage in highly organized jewelry thefts, fraud schemes, and burglaries,” the report said.

One pre-incident indicator of a possible crime, according to the FBI, is people loitering outside of a facility or store, including loading docks and parking area, who may appear to take notes, record video, or photograph the building and its staff.

Also listed in the report as pre-incident indicators are the unscheduled appearance of people who appear to be construction workers; individuals who attempt to gain access to the facility, including doors, stairwells, or service corridors; and if interior or exterior security cameras seem like they’ve been moved, blocked, or altered. Unexplained power or communication outages, as well as false alarms, could also indicate a business has been targeted, the report said.

“Refineries and retail entities in the gold-refining industry should conduct routine security checks with staff and stay alert to potential threats,” the FBI wrote. “If an alarm is triggered without visible interruption, perform a thorough inspection to confirm it is a false alarm. Relevant entities are encouraged to review their facility’s burglary preparedness.”